Ovintiv Inc. (NYSE:OVV) Receives $61.06 Consensus Target Price from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have been given a consensus recommendation of “Moderate Buy” by the seventeen analysts that are currently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $60.56.

A number of research analysts recently commented on the company. Wells Fargo & Company dropped their price target on Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Evercore ISI reaffirmed an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. Bank of America reissued a “neutral” rating and issued a $55.00 price objective on shares of Ovintiv in a research note on Friday, June 14th. UBS Group cut their target price on Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a research note on Friday. Finally, TD Cowen lifted their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th.

Ovintiv Price Performance

Ovintiv stock opened at $42.49 on Tuesday. The firm has a market cap of $11.20 billion, a PE ratio of 5.93, a price-to-earnings-growth ratio of 6.69 and a beta of 2.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The stock’s fifty day moving average price is $46.32 and its two-hundred day moving average price is $48.16. Ovintiv has a one year low of $38.99 and a one year high of $55.95.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.82%. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Insider Transactions at Ovintiv

In other news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now directly owns 8,929 shares of the company’s stock, valued at approximately $446,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in Ovintiv by 20.3% in the 4th quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock valued at $85,000 after purchasing an additional 328 shares during the period. International Assets Investment Management LLC lifted its stake in Ovintiv by 1,202.0% during the 4th quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock valued at $610,000 after acquiring an additional 12,813 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in Ovintiv by 5.4% during the fourth quarter. New York State Teachers Retirement System now owns 231,284 shares of the company’s stock worth $10,158,000 after purchasing an additional 11,928 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Ovintiv by 290.1% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 79,845 shares of the company’s stock worth $3,503,000 after buying an additional 59,379 shares during the last quarter. Finally, Mutual of America Capital Management LLC boosted its position in Ovintiv by 1.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 330,991 shares of the company’s stock worth $14,537,000 after purchasing an additional 5,521 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.